Know the Benefits of Chat GPT to manage your taxes

Planning your taxes is not an easy task, it requires organizing the information systematically during the year, projecting income and expenses, filling out the forms corresponding to the different obligations and most importantly, having supports for each category of income or expenses of your activities of the year.

Although artificial intelligence (at the moment) does not have the necessary development to prepare your tax return, it is a very important tool when planning your taxes and organizing your company's information.

How could the artificial intelligence of programs like Chat GPT help you in tax matters?

  1. Although it may have some mistakes, Chat GPT could help you to know in a general way if an item corresponds to a cost or an expense.
  2. You can quickly check the tax rates applicable to certain activity, as well as the % applicable according to income for the current year.
  3. Help you organize your company's information, to facilitate the work of your company's internal or external tax expert.
  4. In general, you can consult basic concepts that do not require an interpretation of the tax code or laws.

How has artificial intelligence been used at the level of the authorities?

The Inter-American Center of Tax Administrations (CIAT) published a recent article in which it collects how different countries have created artificial intelligence systems or bots to answer some of the questions of taxpayers.

However, different firms of tax experts (including ourselves) have asked Chat GPT questions with tax scenarios, and even when it shares the theoretical basics correctly, it has important errors in applications or interpretations. As reported by firms such as JPR Group or even in a recent Bloomberg Tax publication.

Do you want to ensure compliance with your tax obligations? At Smartkeep we have capable and trained experts to accompany you in complying with your tax obligations.


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